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Meantime Developments - adding value to your project
Robert Alvarez - 25th February 2020
There's a tried and tested way to add value to your project if you (or your clients) are in the fortunate position of having vacant land and development plans that stretch over several years...
Clients come to us with a problem, quite often as part of a far larger scheme but typically also involving a patch of land that might otherwise stand idle for a number of years.
Clearly, this can be a challenge as leaving it idle actually has a cost of maintenance - fencing, security, the risks associated with fly-tipping on the vacant plot and the general look and feel that an empty site can create.
The further challenge is, of course, how to make economic sense out of a Meantime Development and this is where we are often able to assist.
Your Council will probably take a favourable view on anything that adds value to the locality - whether this is in terms of employment, bringing customer spend and revenue to the area or whether your activities simply assist with place-making and developing a ‘buzz’ around the development.
One recent project involved a patch of land that formed part of a Masterplan zone but it had been identified that this area wouldn’t be required for 10-12 years. An earlier meantime development on a nearby plot (as a golf driving range) had been a huge success, delivering both footfall and revenue to the area and the land owner viewed this as another opportunity to create an interim facility that could be cost-neutral over the expected period of use.
In reality, payback may well turn out to be far earlier, potentially 6-8 years, allowing the developer to work with various parties to create longer term value with the added benefit that profit generation into later years (likely to be years 9 through to 12) is boosted as the development becomes more and more established.
Whilst use of a Meantime Development space adds variety to an active development, this process can also play a part in creating a decant space that allows the main development to take place.
We have previously been involved in providing a temporary ice rink (duration of around 2 years) which acted as an enabling project to allow the £115m development of a new retail area, leisure facilities, a car park and 210 apartments to proceed without delays to the overarching programme.
If you have vacant land, there’s now so much more that can be achieved by creating an interim use for the space – far more than just another coach park! Share your vision with us and let us create your space.
Let's discuss your vision, let's discuss your project
Hopefully you are keen to add value to your project - Call Robert now on +44 (0)7730 777708 to review your next steps of drop us an e-mail with your requirements.
Some projects are far too important to leave to chance, when your project is far more than 'just a building', let us help to make your vision a reality. To do this, we help streamline your procurement and delivery processes by going about things 'the Azure way' .
How many companies go to a structural engineer with a concept for their building and end up with a design that is only ever tested at tender stage?
Contact
Registered Address:
The Mill
Pury Hill Business Park
Alderton Road
Towcester
Northamptonshire,
NN12 7LS